National Republican., 1887-09-15
THO nOhh 20 Safety,

That there is danger of an immediate
financial panic no one pretends to deny.
The most obtuse and ignorant are now con-
viucGd of what has been apparent TO those
who study iuance for months past. Every
effort has been made by the Wall street
srCcuators, their friends and organs, to
conceal tue coming danger until the specu
lators could seCure, by sales Of their securl-
Ties, or by long loans, with these securities
as collateral, all the available money. This
has been done, and now the truth i5 being
told.
G!lt-cdged commercial paper in New
York can only be discounted at from to
10 per cent. per annum, aud not tithe OF
the money needed can be obtained even at
these rates. The dependence upon Europe
for money at low ties is gone, as the banks
OF England and France have raised the rates
10 prevent the expectation Of gold. Theplan
adopted by the administration of paying
interest in advance and buying bonds at q
premium, has failed, only $l3,0O0,0OO being
released from the oyer.gorged tire lsury
through its operations, nearly every dollar
Of which went into the hands of Wall street
spectators, aud did not in any way enter
into the channels OF trade,
That plan was foredoomed to failure. II
had none Of the elements OF success, and
was simply, as its author, Secretary Fair
child, suggested, an experiment to see II
people wanted money. The owners OF
bonds did not want money on the terms
offered.
tF,fr 81 hf. 1Ay,a 10 ,a1t Nln
pressure on the money market, or disaster
follows as certainly as the night follows
the day. President Cleveland and Secre.
tary Manning both predicted last Decem.
ber, in their messages anu reports to Cou-
gress, danger from the surplus that was
bound to accumulate under the existing
laws. The House Of Representatives OF
the forty-ninth Congress refused to take
any action. The Democratic majority was
totally incompetent to manage the subject.
President Cleveland evidently believe!
that the Democratic majority In the litiett
Congress is equally incompetent, or hi
would have followed the example of the only
other Democratic President elected from
New York, and called Congress together TO
consider the question. SO firm was he In
this belief that he incurred the "fearful re-
sponsibillty" OF increasing the public debt
by purchasing bonds at premium rather
than assume the responsibility OF any ac,
tion the flftieth might take in an extra ses'
fion called by him. as for its action in the
regular sessions provided for by law he
cannot be held responsible, except In cases
where his recommendations are followed.
But the administrations plan, too, hai
failed. The time for moving the great
crops Of the country is at hand. There Is
no money to handle them, nor is there any
way to obtain 1t unless the vaults OF the
treasury are unlocked by some method, and
the horde accumulated there distributed
oyer the oountry-not poured into the lsT
Of the Wall street spectators, but sent intc
the channels Of trade everywhere.
The plan proposed by the NATIONAL RE-
PUBLICAN is the only safe and feasible
method in the absence Of legislation. The
bonds Of the United States are held in every
section, and the plan proposed C0e@ an i,r
dOCemontt to The holders 10 1,SG them TO relieVt
tie money pressure, 1t is plain, simple, OF
easy accomplishment, and would put at
least Sl00,0O0,00O In circulation within sixty
days after its announcement. And the
money would be distributed from Portland,
Me-, to Portland, Greg,
Read this plan as suggested yesterday
morning and observe it's advantages;
The NATIONAL REPUBLICAN, therefore recon
meI,ds, Ia NE interest Of al he people, hat n,
pTesid6Ri Instruct the Secretary Vhe Treasury 4
1ecdrs United states bonds Gu deposit as security
ioanip0a an amount not srceeding he paTvolae Q
Me Goads 50 deposited al interest al he rate Of
pr cent. per aRna@.
First, there is perfect safety to the gov